I was approached by an old client of mine. He was the Chief Investment Officer of an investment firm and needed to re-mortgage his house in Fulham in order to pay for some extensive renovations.
His house was worth £3.5 million and the mortgage upon it was currently £525,000. My client needed up to extend the mortgage to £1.3 million.
Due to the nature of his pay structure my client’s basic salary was quite low and his bonus was predominantly paid in shares as vested stock for which reason he needed a bonus income mortgage.
As these shares would not vest for a number of years my client was unable to secure a mortgage with traditional high street banks because they are unable to recognise these as income.